January 26 (SeeNews) - Slovenia's central bank estimates the growth of the country's gross domestic product (GDP) in 2022 to stand at 4.7%, as domestic demand remained solid and economic climate improved last year, it said.
"According to our estimates, domestic demand has remained solid, and the economic climate has improved throughout the economy. Short-term model estimates show 0.1% quarterly GDP growth in the fourth quarter, which, at the currently published quarterly dynamics, means 4.7% annual GDP growth in 2022," the central bank said in a statement earlier this week.
The export-oriented part of the economy faced difficulties towards the end of the year, causing the nominal year-on-year growth of exports to moderate to 11.7%, and taking prices into account, exports were even lower in real terms than a year ago, the central bank said.
"Inflation remained high at 10.8% in December. The rise in the prices of services contributed significantly to this, while the rise in the prices of energy products moderated somewhat due to cheaper fuels and government measures. Domestic demand remains solid, allowing higher input costs to be passed on to final prices for consumers," the central bank noted.
Slovenia's economic output rose by a real 3.4% year-on-year in the third quarter of 2022, as gross fixed capital formation increased by 6.7%, with changes in inventories having a neutral impact on growth.
The GDP of Slovenia expanded 8.2% in 2021, according to World Bank data.